v3.24.3
Post-retirement benefits
 9 Months Ended
Sep. 28, 2024
Postemployment Benefits [Abstract]  
Post-retirement benefits Post-retirement benefits
Gates provides defined benefit pension plans in certain of the countries in which it operates, in particular, in the U.S. and U.K. All of the defined benefit pension plans are closed to new entrants. In addition to the funded defined benefit pension plans, Gates has unfunded defined benefit obligations to certain current and former employees.
Gates also provides other post-retirement benefits, principally health and life insurance coverage, on an unfunded basis to certain of its employees in the U.S. and Canada.
Net periodic benefit cost (income)
The components of the net periodic benefit cost (income) for pensions and other post-retirement benefits were as follows:
Three months ended September 28, 2024Three months ended September 30, 2023
(dollars in millions)
Pensions
Other post-retirement benefits
Total
Pensions
Other post-retirement benefits
Total
Reported in operating income:
—Employer service cost$1.0 $— $1.0 $1.0 $— $1.0 
Reported outside of operating income:
—Interest cost6.0 0.4 6.4 6.3 0.4 6.7 
—Expected return on plan assets(6.5)— (6.5)(6.5)— (6.5)
—Net amortization of prior period losses (gains)0.2 (0.8)(0.6)— (0.9)(0.9)
—Settlements and curtailments0.1 — 0.1 — — — 
Net periodic benefit cost (income)$0.8 $(0.4)$0.4 $0.8 $(0.5)$0.3 
Cash Contributions$2.2 $0.7 $2.9 $1.6 $0.6 $2.2 

Nine months ended September 28, 2024Nine months ended September 30, 2023
(dollars in millions)
Pensions
Other post-retirement benefits
Total
Pensions
Other post-retirement benefits
Total
Reported in operating income:
—Employer service cost$3.0 $— $3.0 $2.9 $— $2.9 
Reported outside of operating income:
—Interest cost18.2 1.0 19.2 18.8 1.1 19.9 
—Expected return on plan assets(19.4)— (19.4)(19.5)— (19.5)
—Net amortization of prior period losses (gains)0.6 (2.4)(1.8)(0.1)(2.5)(2.6)
—Settlements and curtailments0.1 — 0.1 — — — 
Net periodic benefit cost (income)$2.5 $(1.4)$1.1 $2.1 $(1.4)$0.7 
Cash Contributions$5.4 $2.4 $7.8 $5.3 $2.5 $7.8 
The components of the above net periodic benefit cost (income) for pensions and other post-retirement benefits that are reported outside of operating income are all included in the other (income) expense line in the condensed consolidated statement of operations.
For 2024 as a whole, we expect to contribute approximately $7.3 million to our defined benefit pension plans and approximately $3.0 million to our other post-retirement benefit plans.